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Intact Financial Corp. has signed a definitive agreement with AXA to acquire AXA Canada Inc., a home, auto and business insurance company, for C$2.6 billion in cash.
According to a May 31 news release, a further performance-based contingent consideration of up to C$100 million may be payable if certain profitability metrics are met within a period of five years.
The transaction is expected to close later in 2011, upon the receipt of all required regulatory approvals.
Intact will expand its position in Canada, increasing its direct premiums written by C$2.0 billion to more than C$6.5 billion due to the...